Bitmine Immersion Technologies announced it will limit its Ether holdings to 5% of the total supply, according to Chairman Tom Lee. The company reached approximately 6 million Ether, or 4.9% of the supply, during a recent accumulation phase and requires about 100,000 ETH more to meet the target. Lee stated the cap is final: “We’re not gonna own more than 5% of Ethereum.”

Lee explained the company accumulated most of its Ether during a bear market, purchasing when prices were low. He noted the cap aligns with Bitmine’s capital strategy, eliminating the need for additional fundraising to continue buying Ether. “We’re done stacking in front of a 25X move,” he said, referring to anticipated price growth.

The cap also ties to Bitmine’s financial planning. The company previously raised $300 million through a perpetual preferred stock offering and repurchased 16.1 million shares under a $4 billion buyback program. Even after halting purchases, staking rewards could generate additional Ether, which Lee said might be sold to prevent the holding percentage from exceeding 5%.

Lee indicated the company may reconsider the cap in 2027 if Ethereum adoption accelerates, though no timeline has been set. The announcement was made at Token2049 in Singapore.